Crane Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $56,200 in 2021, $61,000 in 2022, and $66,500 in 2023. Crane’s pretax financial income for 2020 is $285,200, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Crane Corporation Income Statement (Partial) choose the accounting period Income before income taxes $285,200 select an opening section name select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts Net Income / (Loss) $199,640
Crane Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $56,200 in 2021, $61,000 in 2022, and $66,500 in 2023. Crane’s pretax financial income for 2020 is $285,200, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Crane Corporation Income Statement (Partial) choose the accounting period Income before income taxes $285,200 select an opening section name select an income statement item $enter a dollar amount select an income statement item enter a dollar amount enter a subtotal of the two previous amounts Net Income / (Loss) $199,640
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 32P
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Crane Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $56,200 in 2021, $61,000 in 2022, and $66,500 in 2023. Crane’s pretax financial income for 2020 is $285,200, and the tax rate is 30% for all years. There are no
Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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Crane Corporation
Income Statement (Partial) choose the accounting period |
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Income before income taxes
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$285,200
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select an opening section name
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select an income statement item
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$enter a dollar amount
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|
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select an income statement item
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enter a dollar amount
|
|
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enter a subtotal of the two previous amounts
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||
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Net Income / (Loss)
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$199,640
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